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More than 30 years after FICO scoring was created, Kate Hao, CEO of Happy Mango, said it’s broken, leaving millions out of the mainstream financial system despite their creditworthiness.

“For decades, credit has been based on credit history, but how do you lend to those without credit history?” said Hao, a former treasurer with Morgan Stanley who created Happy Mango as an alternative credit assessment tool and an industry partner for improving financial health. “I believe credit markets can be made to work better for borrowers and lenders and social credit scoring is an answer.”

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